Car Insurance Options. HELP!!!!!!

[NightRydaSS]

Here's the scoop; 2 yrs ago i had a '90 Trans Am GTA. Mint condition, functional raim air hood, flomaster exhaust, 82K original miles on it, the works. She was my baby. my dad bought it when i was 10 and saved it for 9 yrs b/c he knew i wanted it. we had offers for $10K for it, but the car wasn't for sale. on sept 16th 2003 i was at a red light when a 17 yr old kid in his 89 honda accord slammed into me. The car crumpled up like an accordian. it was b/c of the Uni-body frame i walked away, but the car was gone. The insurance company raped us on the settlement....got only $5K for it...

here is the deal; I have an 01 SS now. I have some minor mods on it and some on the way. Some of which include new paint and maybe the Ultra-Z ground effects. I want to kno if you can call up your insurance company and raise the value of you car. In other words; i want to call my insurance company and raise the value of my car to "x" amount of dollars, and have them raise my rates accordingly so that if a meteor hit my car i will get said value. I'm just tryin to cover my ass and keep history from repeating itself. now listen, i'm well aware that when u have a hobby that consists of modifying a object with deprecating value, you will take a loss if something happenes to it. But there is a difference between "taking a loss" and "taking it in the ass". and my dad and i took it in the ass with the T/A. I mean y should i suffer if a meteor hits my car, some idiot decides to use my car as their break pedel, or if bambi wants to run out in the middle of the street and test newton's law?

collector car insurance isn't an option for me right now. You have to be 25 in jersey, and you can only drive your car 3K miles a yr. as it stands now i'm only 22, and my car is an everyday driver. i heard that stat farm will give you something called "stated value". Which means, from what i understand, you agree on a value of your car and if bambi wants to get gutsy, they will give you the deprecated amount of that agreed value. which is fine. i would rather get the deprecated amount of $20K (or w/e is a reasonible increase in value) then 2 magic beans and a "sry for your loss" speech.

has anyone done/heard of this? Or is anyone else in the same boat as me? Am i beat, and have to hope that history doesn't repeat itself? What about getting my car appraised? would that makes things easier incase the worst happens? i love working on my car as a hobby, i love car shows and i just love my car. I just want to cover all the bases.

HELP!!!!

[Tru2Chevy]

I don't know of any insurance companies that will set an "agreed-upon value" policy for a daily driver, but it's possible. If you find one, I'm 99% sure they would make you get it appraised....you couldn't just say that you want it to be insured for $30k.

I would call around to different insurance companies, or search the net for agreed-upon value policies.

- Justin

[BonzoHansen]

Appraisals, a couple, with pics, and even then you'll probably get screwed. I'd be super suprised if you could get an agreed value policy. They will never give you more than a replacement value. If the best 01 SS out there is worth 15k, that is all you will get. They will not cover it for more than it is worth.



Stated value is what every regular policy is.

[camaro2you]

unless u go with a company like hagerty and you "know" some people who work there that will pass off the milage limitations.

[coldkilla]

I'm with geico and I know that they have a section for modified cars where you say how much modification, in dollar amounts, is done to the vehicle. It's in 1000 dollar incremants. Now I can't remember exactly what the end result of telling them this is since I read it awhile ago, but its most likely so they can raise rates on you but also give you back that amount of modification money tacked onto the value of your car should something happen. Check them out

[Frosty]

Call up different companies and see who offers agreed values on vehicles. I know AIG does.

[BonzoHansen]

Originally Posted by camaro2you

unless u go with a company like hagerty and you "know" some people who work there that will pass off the milage limitations.

Nope. They will not insure a daily driver. You have to prove you have an insured daily driver. BTW, insurance fraud is a CRIMINAL act in NJ now.

[NightRydaSS]

Ill check out Geico and AIG. I'm, not tryin to make a profit on my car if something does happen. Like my plan isn't to raise the value to like 100,000 and then go wrap my car around a tree. All i want to do is cover my ass. From what has been said Geico and AIG might have what i'm lokoing for. Thanks Guys! also, how r your cars insured? I mean a lot of you guys have a lot of work done. Do you just hope nothing goes wrong? Is that just the name of the game?

[JL8Jeff]

Did you ask your insurance company yet? I had a 69 Camaro SS350 years ago that was my daily driver. I had to get an appraisal done and that's what the car was insured for. Just check to see if they still factor age into the depreciation because they can still screw you on that. But you should be able to get it appraised and insured for the appraised amount. Tell the appraisal company what you think it's worth and their appraisal will come real close to matching that. I was paranoid as hell driving my 93 Indy Pace Car every day since it was probably just insured as a regular 93 Z28.

[NightRydaSS]

yea now u see how i feel. i get paranoid as hell. Ill check it out and ask my insurance company. I just didn't kno how everyone else did it. depreciation is a fact of life when you modify an object that depreciate's...however id rather get the depreciated amount of $1x,xxx then a a check worth 2 magic beans. Are Geico and AIG good companies. any other ones out there that are easier to work with for what i want?

[TubbysZ28]

My .02

MOVE OUT OF NJ IF YOU WANT BETTER RATES !